South Korea Announces Changes
To Further Open Financial Sector

SEOUL -- Foreign bankers and brokers reacted coolly to South Korea's plans to further liberalize its financial sector, saying most of the measures are cosmetic.

They did praise the government's pledge to raise the limit later this year on foreign ownership in Korean stocks to 20% from 18% of each company's capitalization, even though the move had been anticipated. The key change, they say, is that the government plans to raise the...